BDs Give Failing Grades to DOL on Fiduciary Rule: The DI Wire reports that the Broker/Dealer Coordination Group, a membership organization/coalition representing 18 financial service companies, believes that the Department of Labor’s final fiduciary rule will substantially harm low and middle-income individuals

and gave it failing grades.

Financial Industry Deals with Noncompete Ban Fallout: Financial Times reports that the Federal Trade Commission’s sweeping ban on noncompete agreements is pushing financial firms to reconsider long-standing business practices and find ways to retain employees, secure proprietary information and maintain competitive

practices.

DOL Defends Fiduciary Rule, Details Changes: ASPPA reports that senior officials with the DOL’s Employee Benefits Security Administration defended the rollout of the new fiduciary rule while taking a deeper dive to explain some of the

key changes.

Alt Assets Emerging Mostly Unscathed: Financial Advisor Magazine reports that alternative assets have generated some concerns in the last two years, but the industry seems to be addressing many issues and is emerging with little long-term

damage.

Biden Plan Raises Total Taxes on Wealthy to 44.6%: Financial Advisor Magazine reports the Biden administration’s proposal to impose a combined 44.6% tax rate on wealthy Americans’ income, long-term capital gains and qualified dividends is sending shockwaves through financial markets and the wealth management

industry.

Treasury Secretary Spars With Congress Over Tax Hikes: ThinkAdvisor reports that Treasury Secretary Janet Yellen came under fire from Republican lawmakers Tuesday over a quip from President Joe Biden about letting tax cuts enacted by

predecessor Donald Trump expire.

Su Tells Congress DOL Fiduciary Rule Will Survive Legal Challenges: Acting Labor Secretary Julie Su told House lawmakers Wednesday that the DOL’s new

fiduciary rule can withstand legal challenges, ThinkAdvisor reports.

Independent Contractor Rule Defended by DOL: Barron’s reports that Acting Secretary Julie Su attempted to defend a controversial rule governing independent contractors before an at-times hostile House Committee on Education and the Workforce, where she faced a friendly reception from Democrats on the panel but

pointed criticism of DOL policies by Republicans.